just like here in the united states social security rises automatically if there is an increase in inflation. that happens in spain as well. they are talking about eliminating that. the european union woversiton w that. rajoy didn't say it today. >> thank you both. here now to talk about how the market is being impacted, joe tanius, the global market strategist from jpmorgan asset management, joins me now. is it remarkable that we are not seeing more vehement reaction in the equity side of things to the visuals we are seeing from greece and spain? >> right. i think if you take a step back, think about europe, we continue to take two steps forward and one step back. at the end of the day the ecb providing support and announcing the program is really a game-changing event. you are eliminating some extreme tail risk but at the end of the day clearly the anti-austerity movements are getting louder, causing unrest. >> what does it do for interest rates at home? we saw a reaction in the currency markets with the euro moving smartly on the day and also our bond market. we saw yields fall. >> it's a